Opthea (NASDAQ:OPT) Shares Gap Up – Should You Buy?

Shares of Opthea Limited (NASDAQ:OPT) gapped up before the market opened on Friday . The stock had previously closed at $5.49, but opened at $5.68. Opthea shares last traded at $5.65, with a volume of 6,031 shares.

Analysts Set New Price Targets

Several equities analysts recently issued reports on OPT shares. HC Wainwright reaffirmed a “buy” rating and set a $12.00 price objective on shares of Opthea in a report on Wednesday. Canaccord Genuity Group raised Opthea to a “strong-buy” rating in a report on Tuesday, December 17th.

Opthea Price Performance

The stock has a fifty day moving average price of $3.78 and a two-hundred day moving average price of $3.54.

Institutional Investors Weigh In On Opthea

A number of institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new stake in shares of Opthea in the third quarter worth about $114,000. ABC Arbitrage SA purchased a new position in Opthea in the fourth quarter valued at about $40,000. Finally, Twin Lakes Capital Management LLC purchased a new position in Opthea in the third quarter valued at about $81,000. Hedge funds and other institutional investors own 55.95% of the company’s stock.

Opthea Company Profile

Opthea Limited, a clinical stage biopharmaceutical company, engages in the development and commercialization of therapies primarily for eye disease in Australia. The company's development activities are based on the intellectual property portfolio covering Vascular Endothelial Growth Factors (VEGF) VEGF-C, VEGF-D, and VEGF Receptor-3 for the treatment of diseases associated with blood and lymphatic vessel growth, as well as vascular leakage.